Sebi asks public at large to keep away from PACL properties

NEW DELHI: Market regulator Sebi on Friday asked the public at large not to deal with any property where PACL and its promoters have interests, following a Supreme Court order.

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years. The watchdog is looking to recover around Rs 60,000 crore for repayment to investors in the case.

In a release today, Sebi said that public at large are advised "not to deal with any of the properties wherein PACL Ltd and/or its directors/promoters/agents/employees/group and/or associate companies directly or indirectly have any interest".

On July 25, the Supreme Court restrained PACL, its "directors/promoters/agents/employees/group and/or associate companies are restrained from in any manner selling/ transferring/alienating any of the properties" wherein the company has an interest, either in within or outside India.

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.